The7 Trading System | Page 30 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Please suggest a simple & effective Method/System of "Trading System" Forum to newbie 182 replies

HYBRID: trading system within a trading system 31 replies

Day Trading system - Simple system to make money 51 replies

Trapping System: Way to Fully-Automated Trading System 47 replies

The7 Trading Method Signals Thread 136 replies

Attachments: The7 Trading System
Exit Attachments

The7 Trading System

  • #581
  • Nov 12, 2012 7:59am Nov 12, 2012 7:59am
Hey 7 what part of canada you in?


Quoting The7
Here is a trading system I have been using for the last 6 month with great results. The idea is "cut your losses short and let the winner run" I am trading only the Daily Charts on dailyfx. It is a web based chart which allows mobility. I am only trading daily's but feel free to test it on different timeframes.

Here are the rules: Do not trade only 1 pair. Use your money management and positions wisely and allow room for as many pairs as possible. The point here is that we want the winners to outrun the losers..

Place a 5 EMA High and 5 EMA...
  • #582
  • Nov 13, 2012 12:05pm Nov 13, 2012 12:05pm
Thanks The7, very interesting.... I am tracking 16 pairs with this but I only started last night, so only one that I could see so far. The candles start new at 3pm my time. This strategy could work out well for me as I also use candle patterns to spot opportunities’ sometimes ahead of the SMA cross, i.e. pin bar and engulfing etc.
Thanks again, Dave
Attached Image (click to enlarge)
Click to Enlarge Name: nov13the 7nu.jpg Size: 85 KB
Enter Signature
  • #583
  • Nov 13, 2012 8:17pm Nov 13, 2012 8:17pm
Added a couple more as the candles closed.
U/Ch went through the 5ema but not as a great signal to go short however its sitting below a big number and has a "sort of" pin bar.
N/U was a buy entry signal through the 5ema
G/CA was also a buy and sitting at a support area.
This is my twist on 7's nice and simple approach but I don’t want to compromise the intent of the thread, just let me know if it’s an issue.
Dave
Attached Image (click to enlarge)
Click to Enlarge Name: nov13the7first orders.jpg Size: 148 KB
Enter Signature
  • #584
  • Nov 14, 2012 4:40am Nov 14, 2012 4:40am
  •  denozi
  • | Joined Aug 2012 | Status: trade with Patient & Discipline | 82 Posts
Dear Professional.
will you be so kind enough to read what i am writing down here. I am really new in FX began some 8 months ago, i am wake up again after pooled by MC several times and i think i am trying now to be more tough. I like both system long trade and especially short, Scalping or what ever but I like to call it Rush Trade. I begging you to share me a very simple strategy both long and short together with indicators used.
I should thank you so much for your time and look forward to hearing from you or your professional FCC member.

Hug & best regards
DenOzi FX

Quoting fxscalp1
Thanks The7, very interesting.... I am tracking 16 pairs with this but I only started last night, so only one that I could see so far. The candles start new at 3pm my time. This strategy could work out well for me as I also use candle patterns to spot opportunities’ sometimes ahead of the SMA cross, i.e. pin bar and engulfing etc.
Thanks again, Dave
I am a new 2 Forex- Your help would be greatly appreciated
  • #585
  • Nov 14, 2012 6:26pm Nov 14, 2012 6:26pm
First of all thank you so much for the system. I have a question regarding the timezone. I am using metatrader platform with server time GMT-5
will that impact this strategy? Please advice.

Thanks in advance.

MC
  • #586
  • Nov 14, 2012 8:39pm Nov 14, 2012 8:39pm
Quoting mrcool4
First of all thank you so much for the system. I have a question regarding the timezone. I am using metatrader platform with server time GMT-5
will that impact this strategy? Please advice.

Thanks in advance.

MC
Time zone doesn't matter in regards to strategy. You just have to know when your broker daily candle closes.
  • #587
  • Nov 14, 2012 8:45pm Nov 14, 2012 8:45pm
Quoting prosper1
Time zone doesn't matter in regards to strategy. You just have to know when your broker daily candle closes.
Thank you so much prosper1..It is very convinient in that case as candle starts at 16:00 my time.
  • #588
  • Nov 15, 2012 3:19am Nov 15, 2012 3:19am
Thanks to The7 for sharing his trading strategy.
It's amazing, especially if combined with some indies to confirm the entry.
  • #589
  • Edited 1:03pm Nov 15, 2012 12:21pm | Edited 1:03pm
I saw this engulfing candle that looked too good to be true as the most recent candle had already begun - I looked at it around 9 pm last night (the new candle starts for me @ 3pm), but I thought, what the heck so I bought 0.2 of a lot with a 100 pip SL that was to move to break-even plus 5 pips if it moved to plus 30 pips. When I got up this morning you can see the results - plus 150 pips. I closed the order and made my first coffee.

Denozi, this is a demo account, I am not ready to go live yet. I use The7 set-up (two 5ema's set high and low) and no other indicator’s. I like to draw S&R and use them as a "look out" zone. I look for some candle patterns. I usually go with the trend unless there is one I can't resist - see attached. My FF name is fxscalp1 because when I started I too got a big rush out of scalping unfortunately for me it was mainly my hard earned money RUSHING out of my live account. I now only trade with daily time frame. Sorry about the long answer.
Attached Image (click to enlarge)
Click to Enlarge Name: nov15the7pcdoubletest.jpg Size: 144 KB
Enter Signature
  • #590
  • Nov 15, 2012 2:39pm Nov 15, 2012 2:39pm
Nice work FXSCalp! But that doesn't seem to be a set-up according to The7 system.
  • #591
  • Nov 15, 2012 2:56pm Nov 15, 2012 2:56pm
Quoting prosper1
Nice work FXSCalp! But that doesn't seem to be a set-up according to The7 system.
Your right prosper1, the candle touched both sides but I made the exception because it was an engulfing candle. The7 mentioned in a previous post that it might be considered as a trade and that there are no fixed rules for the stratagy other than the ones a trader might use. As I flip through the 18 pairs I have up, I look for the buy or sell signals based on 7's ema's, then I look for confirmation using a few candle patterns and S&R as confirmation.
Enter Signature
  • #592
  • Nov 15, 2012 3:06pm Nov 15, 2012 3:06pm
Sorry - I have a cold, hope my thoughts make sense. I like the7's approach and want to keep it a simple and clean process that I can mould into a working system that I can use. I personally don’t like any indicators. When I first started fx a couple of years ago I got hung up on them to the point that I had charts with more indicators on them than a 747 !
Enter Signature
  • #593
  • Nov 15, 2012 3:25pm Nov 15, 2012 3:25pm
LOL. Yea I know what you mean. I 've made more pips using this system than any scalping I've ever tried.
  • #594
  • Nov 15, 2012 3:52pm Nov 15, 2012 3:52pm
Here is one I just put a sell order in for - we will see.............
Attached Image (click to enlarge)
Click to Enlarge Name: nov15the7uca.jpg Size: 81 KB
Enter Signature
  • #595
  • Nov 15, 2012 3:56pm Nov 15, 2012 3:56pm
QUESTION FOR THE 7....also includes anyone who has noticed what I have too. Please give feedback. 7, I notice over the last few weeks,that yes, your system has been very profitable. Thanks for sharing it. But I see that your rule of insisting that the body of the candle must be outside the channel is costing many winning trades. In fact I see that if the tail or spike is the only thing going across the channel line, it has been very profitable as well. Why not let the tails or wick/spike count to qualify a trade?

#2-I find that if you enter a trade at lets sat 6pm, 1 hour after market reopens, the rules say to use the previous bar high or low as our stop. But I find that unless that bar is a good size, you are better of gong 2 bars back to use a little wider stop loss. Anyone agree? 7 what do you say? -)
  • #596
  • Nov 15, 2012 4:11pm Nov 15, 2012 4:11pm
Still bringing in the pips. I missed a few days, due to some PC issues, but The7
is back in the groove. Trades and trade management per Hopwood's EA, which
is working really well.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: The7 11-15.jpg Size: 236 KB
Click to Enlarge Name: The7 11-15#2.jpg Size: 129 KB
  • #597
  • Nov 15, 2012 4:39pm Nov 15, 2012 4:39pm
Funny, I still can't get Hopewood's EA to take any trades.
  • #598
  • Nov 15, 2012 4:41pm Nov 15, 2012 4:41pm
Quoting fxscalp1
Here is one I just put a sell order in for - we will see.............
Yea I'm in also...
  • #599
  • Nov 15, 2012 4:57pm Nov 15, 2012 4:57pm
Quoting prosper1
Funny, I still can't get Hopewood's EA to take any trades.
Is your broker an ECN and do you have ECN = true? Have you turned off the swap filters?
  • #600
  • Nov 15, 2012 6:38pm Nov 15, 2012 6:38pm
hi rob
is the latest file you attached Hopewood's EA?
2 traders viewing now